Mikhail Prokhorov

Abramovich Moves Down on Russia's Rich List

Filed under: Wealth

Oligarch Roman Abramovich has taken a major tumble on this year's list of Russia's richest men and now languishes in fifth place. Russia's Finans magazine puts Abramovich's wealth at $17.1 billion, up only $100 million from a year ago despite a strong recovery for the Russian economy that saw rival tycoons cash in big time. Steel magnate Vladimir Lisin captured the top spot once again with a $28.3 billion fortune, up from $18.8 billion last year. Mikhail Prokhorov, owner of the New Jersey Nets, makes the list at number two with $22.7 billion, while Alisher Usmanov, part-owner of Arsenal Football Club, clocks in at number three with $19.9 billion. In fourth place, edging out Abramovich, is another steel tycoon, Oleg Deripaska, with $19 billion. Meanwhile there are 37 newly-minted billionaires in Russia this year, bringing the total to 114 up from 77 in 2010.

Gallery: Russia's Richest Men

#4 - Oleg Deripaska (with Putin at left)

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Tags: abramovich, billionaire, Mikhail Prokhorov, Oleg Deripaska, oligarch, richest, Roman Abramovich, Russia, Russian billionaires, Vladimir Lisin, wealth

Russian Billionaire Launches Hybrid Cars

by David Kiley (RSS feed) —

Filed under: Green

Mikhail Prokhorov, the Russian billionaire perhaps best known in the U.S. for purchasing The New Jersey Nets NBA franchise, is launching a line of hybrid vehicles, named Yo, in Russia this week.

Prokhorov said Monday the cars, powered both by gasoline and electricity, are "socially important products" that he hopes will "overcome existing stereotypes ... that Russia cannot make normal cars."

The vehicles are to be sold in three models - sedan, sporty and a small truck - with an expected price of around $10,000 (€7,550).

The name is written in Russian by the letter E with two dots over it.

There are no plans to introduce the cars to the U.S. Eastern Europe still has much lower standards than the West for safety and emissions standards, so the cost and difficulty of entry into the Russian market is much lower than in the U.S.

Tags: Hybrid Cars, Mikhail Prokhorov, New Jersey Nets, Yo hybrid cars

Russian Billionaire Makes A Deal With Stoli And The Nets

by Deidre Woollard (RSS feed) —

Filed under: Sports

The new owner of the New Jerset Nets, Russian billionaire Mikhail Prokhorov, has big plans for his team. Prokhorov is bringing Russian style to his team and to the area, first with his Russian-language luxury magazine Snob and also with a five-year sponsorship deal with Stolichnaya, the Russian vodka producer. The NY Times reports that the deal is worth about $2 million a year and will include Stoli-branded bars at the Barclays Center, the Nets arena being built in Brooklyn. The Nets are overseas right now, first in Moscow and in China. It's all part of Prokhorov's strategy to create what he calls a global team. He's hoping to have the entire country of Russia cheer for the Nets by bringing them to his home country. As the NY Times article points out the Houston Rockets are popular in China because of Yao Ming, an interest that has led to endorsement deals with Chinese companies. Many NBA teams play preseason games overseas increasing worldwide interest in basketball and the NBA.

Tags: Mikhail Prokhorov, new jersey nets, stoli, stoli vodka, stolichnaya

Prokhorov Brings Snob Magazine To The U.S.

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Russian billionaire Mikhail Prokhorov and New Jersey Nets owner will be bringing Snob, his magazine for the ultra-rich to the U.S. Bloomberg News reports that Prokhorov plans to start selling the magazine in the U.S. without an English translation for $8. Prokhorov told Bloomberg News that he's looking for a little synergy between the two projects hopping to turn Snob fans into Nets fans and vice versa. Prokhorov, who has a fortune of $13.4 billion, according to Forbes magazine, has big plans for the team. He bought 80 percent of the Nets and 45 percent of Barclays Center in Brooklyn, New York for $200 million and funding commitments this year. The arena is part of a $4.9 billion complex in Brooklyn that is in an area with around 330,000 immigrants from the former Soviet Union. Prokhorov wants to find a global audience for both the Nets and for his magazine.

The Wall Street Journal says that the magazine is launching in New York Wednesday with an initial run of about 20,000 copies. It will also be sold in Chicago, Boston and San Francisco. In Russian the title is an acronym of the Russian words for accomplished, independent, educated and thriving but the connotations are not so favorable in the U.S.

Tags: Mikhail Prokhorov, New Jersey Nets, Russian billionaire, snob magazine

It's Official: Mikhail Prokhorov Loses $55 Million Villa Leopolda Deposit

by Jared Paul Stern (RSS feed) —

Filed under: Estates

Poor Mikhail Prokhorov. Last month we reported that the metals magnate had been replaced as Russia's richest man by Vladimir Lisin, and now languishes in second place. Now a court in Nice has just ruled that the oligarch must forfeit the $55 million deposit he put down for the magnificent $750 million Villa Leopolda (above) on the French Riviera in 2008 before backing out of the deal, the London Daily Mail reports. Prokhorov signed a sales agreement for the Villa, and French law stipulates that purchasers lose their deposits if they pull out after such an agreement has been executed. The magistrate also ordered Prokhorov to pay the Villa's owner Lily Safra an additional $1.5 million penalty. Safra says she will donate all the money to ten charities, including almost $1.5 million for neuroscience research at King's College London and Imperial College London. "By transforming the deposit into an act of giving I would like to encourage all who can do so to support medical research and other humanitarian causes," she declared. On the plus side for Prokhorov, he's still worth a cool $17.85 billion.

Tags: France, French Riviera, FrenchRiviera, Lily Safra, LilySafra, Mikhail Prokhorov, MikhailProkhorov, Russia, Russian billionaire, Russian oligarch, RussianBillionaire, RussianOligarch, South of France, SouthOfFrance, Villa Leopolda, VillaLeopolda

Lisin Replaces Prokhorov as Russia's Richest Man

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

Mechanic turned steel baron Vladimir Lisin (right) has replaced Mikhail Prokhorov as Russia's richest man with a fortune of $18.8 billion. Russian magazine Finans just released its annual ranking of the country's oligarchs, showing that Prokhorov, known for his shenanigans over the Villa Leopolda, has slipped into second place while Roman Abramovich languishes in third.

All three men did very well for themselves last year. Lisin, 53, more than doubled his wealth from a year earlier to overtake Prokhorov, whose own fortune grew 27 percent to $17.85 billion, and Abramovich, whose estimated wealth is $17 billion, an increase of 22 percent. As my colleague Deirdre Woollard reported last week Russia gained 28 new billionaires in the last year.

The somewhat secretive Lisin is a keen hunter and a connoisseur of Cuban cigars. He owns a 16th century castle in the Scottish Highlands with 13 bedrooms on 3,300 acres ideal for grouse shooting, deer stalking and game fishing. Lisin's name means "fox" in Russian, and he is well known in his homeland for always staying on the Kremlin's good side.

Tags: Mikhail Prokhorov, MikhailProkhorov, oligarch, Roman Abramovich, RomanAbramovich, Russia, Russian billionaires, RussianBillionaires, Vladimir Lisin, VladimirLisin

Russia Is Back In The Billionaire Minting Business

by Deidre Woollard (RSS feed) —

Filed under: Wealth

In the last few months we've been noticing Russian billionaire Roman Abramovich doing a lot of spending. There was that pricey New York dinner, the lavish New Year's Eve party, the new house in Los Angeles. He seems to be doing quite well and he's not alone, Russia is making billionaires once again. The Moscow-based magazine Finans says that Abramovich remains one of Russia's top three richest men. The magazine's data reveals that all those in the top ten had a fortune of at least $9.95 billion. Two of the richest, Mikhail Prokhorov and Roman Abramovich were worth more last year, with $14.1 billion and $13.9 billion, respectively.

Businessweek reports that Russia gained 28 new billionaires bringing the total to 77 from 49 a year ago. That's a good number but not quite up to the 101 billionaires that were filling Russia's coffers in 2008. Finans states that the combined wealth of the 10 richest Russians now sits at $139.3 billion, up 84 percent over last year but still down from the $221 billion the 10 richest were worth two years ago.

Tags: billionaires, Mikhail Prokhorov, MikhailProkhorov, roman abramovich, RomanAbramovich, Russian billionaire, Russian billionaires, RussianBillionaire, RussianBillionaires

Russia's Richest Man Plans to Launch New City Car

by Jeremy Korzeniewski (RSS feed) —

Filed under: Luxury Cars & Autos, Green, Wealth

Mikhail Prokhorov, also known as the Richest Man in Russia and hopeful new owner of the New Jersey Nets NBA franchise, is reportedly planning to launch a new city car through his Onexim Group. Reports coming out of Russia are saying that the vehicle will sport some kind of "advanced technology," which many are taking to mean either a hybrid or fully electric drivetrain.

The car will be built in the Yarovit Motors plant in Russia, and in order to get the new city car into production, Onexim is putting in an estimated $141 million investment. That's an amazingly small amount of money to get a new project such as this off the ground, leading many to suggest that it will never happen unless the government gets itself involved somehow.

In any case, the goal is to put the small eco-friendly vehicle on the road for about $12,500. At that price, the machine would be going up against such well-known and formidable competitors as Volkswagen and General Motors. We'll just have to wait and see how this one plays out.

[Source: Inside Line]

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Tags: Mikhail Prokhorov, MikhailProkhorov, onexim, onexim group, OneximGroup, russia, yarovit, yarovit ev, yarovit motors, YarovitEv, YarovitMotors

Russia's Richest Man Wants Deposit Back on Villa Leopolda

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

Russia's richest man Mikhail Prokhorov is going to court to try and get back the $55 million deposit he forfeited after backing out of a deal to buy the magnificent Villa Leopolda on the French Riviera for $750 million including the furnishings last year. The metals magnate signed a sales agreement for the Villa, and French law stipulates that purchasers lose their deposits if they pull out after such an agreement has been signed. The Villa's owner Lily Safra has said she is donating the deposit to charity. However, Prokhorov's lawyers are now arguing that that the agreement was rendered null and void due to two technical "anomalies", the London Telegraph reports.

Firstly, they say he should have been given the usual seven-day period in which to change his mind, which was denied as Prokhorov signed the agreement under a company name. Secondly, they argue that Safra's notary had "illicitly lumped the furniture price tag with the house price in a declaration to the French state", which they say was grounds for canceling the contract. Safra's lawyer Jean-Michel Darrois disputes Prokhorov's claims and said in a statement to the newspaper, "We have written proof that Mr Prokhorov, via his lawyers, continued to confirm his intention to buy the property well after the sale agreement." A verdict is due in March.

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Tags: France, Mikhail Prokhorov, MikhailProkhorov, Russia, Russian billionaire, RussianBillionaire, Villa Leopolda, VillaLeopolda

$650 Million Price Cut on Villa Leopolda? (Updated)

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

Villa Leopolda on the Cote D'Azure (above), once the world's most expensive estate with a $750 million pricetag, is apparently back on the market with an astonishing $650 million price cut, a new world record. The 11-bedroom, 14-bathroom mansion has 29,000 square feet of interior space that opens to manicured lawns and a swimming pool. The spiraling outdoor staircases, balconies and terraces have waterfront views and of the surrounding hillsides. Working fireplaces, a sauna, outdoor kitchen and pool house are other features. As we noted back in February, Russia's richest man Mikhail Prokhorov had reportedly agreed to purchase the Villa for $750 million but later backed out of the deal, forfeiting a $55 million deposit. In May we reported that the recession had caused the estate's value to plunge significantly. Owner Lilly Safra did not re-list the property right away, but according to Forbes the Villa is now available for $102 million. The magazine now places it as the 4th most expensive estate in the world, behind No. 1, the Spelling Manor at $150 million; No. 2, Fleur De Lys at $125 million; and No. 3, Updown Court at $117 million.

UPDATE: Leopolda's owner Lily Safra now says the Forbes report was "pure fantasy". "The residence is not being sold and was never offered for sale," Safra's rep Seth Goldschlager insists. Forbes has now removed Leopolda from its list of the world's most expensive estates. Albemarle House in Charlottesville, Va., listed at $100 million, is now the 4th most expensive estate in the world according to the magazine, behind No. 1, the Spelling Manor at $150 million; No. 2, Fleur De Lys at $125 million; and No. 3, Updown Court at $117 million.

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Tags: Fleur De Lys, FleurDeLys, Forbes, France, Mikhail Prokhorov, MikhailProkhorov, Spelling Manor, SpellingManor, Villa Leopolda, VillaLeopolda, worlds most expensive, WorldsMostExpensive

Russia's Richest Man May Build NBA Stadium

by Deidre Woollard (RSS feed) —

Filed under: Sports, Wealth

Back in June I started hearing rumors that Russia's richest man Mikhail Prokhorov was interested in buying a portion of the New Jersey Nets. The six-foot-nine-inch-tall billionaire is a basketball fan and owns a share of a Russian basketball team. The latest news from Moscow is that he may help to build the team's new arena. He would provide a loan for the Nets and receive a large non-controlling stake in the team in return. Nets owner Bruce Ratner has wanted to build an arena for the team in Brooklyn and move his team there in 2011. The stadium's construction may cost around $800 million. Ratner has been to Moscow for talks but nothing has been officially confirmed yet.

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Tags: basketball, mikhail prokhorov, MikhailProkhorov, nba, new jersey nets, NewJerseyNets

Russia's Richest Man Wants His Tax Money To Stay In Siberia

by Deidre Woollard (RSS feed) —

Filed under: Charity, Wealth

Russia's richest man, Mikhail Prokhorov, is a hometown boy at heart. For him, Siberia is home and Wealth Bulletin reports that he wants his taxes spent there. The 44-year-old Prokhorov lives in the western Siberian village of Eruda and this is where registered to pay hundreds of millions in taxes from his estimated fortune of $9.5 billion. He has said that he believes it is fair to pay his taxes in the region where he made his money. Prokhorov and his sister Irina, have set up the Mikhail Prokhorov Foundation to promote philanthropic efforts in the area. The Prokhorovs are also supporting the arts, spending more than $1 million to shoulder the cost of the Russian Pavilion at the Venice Biennale.

Sports Illustrated says that Prokhorov is part of one of four groups interested in buying the New Jersey Nets basketball team. Prokhorov, who at six foot nine inches himself is a tall drink of water, is said to be a big basketball fan.

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Tags: mikhail prokhorov, MikhailProkhorov, russia, siberia

Villa Leopolda Now Worth Only $40 Million?

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

Villa Leopolda in Cap Ferrat (above), once the world's most expensive estate with a $750 million pricetag, may now only be worth $40 - $50 million thanks to plunging prices in the wake of the global recession, according to Sotheby's International Realty CEO Alexander V. G. Kraft. "For trophy properties it used to be a question of how much someone was willing to pay," Kraft tells the London Telegraph. "They would come quietly onto the market – they would be marketed under the table. This system really has totally collapsed. Buyers willing to pay anything like those sums just don't exist anymore." The paper says "panic sales" are on the rise in the ritzy area.

As we wrote about back in February, Russia's richest man Mikhail Prokhorov had reportedly agreed to purchase the Villa for $750 million but later backed out of the deal, forfeiting a $55 million deposit. The estate has not been re-listed. "Prices are coming more in line with the rest of the market," Kraft declares. "Trophy properties will be more in line with 'normal luxury properties' – about 20 to 30 million [euros]." Peter Ilovsky, director of Sotheby's International Realty in Cap Ferrat, says they're still good investments however. "Owning a property in Cap Ferrat is like having a Picasso," he tells the paper. "It's certainly better than placing the money in a Swiss bank."

Tags: Cap Ferrat, CapFerrat, French Riviera, FrenchRiviera, Mikhail Prokhorov, MikhailProkhorov, oligarch, Sothebys, Villa Leopolda, VillaLeopolda

Russia's Richest Man Offers A Bail Out

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Russia's richest man, billionaire Mikhail Prokhorov is offering a bail out to Russian financial news provider RBC. The offer comes through investment bank Renaissance Capital which is half-owned by Prokhorov. Renaissance Capital announced that Prokhorov's Onexim investment group would buy 65 percent of the new share capital for $35 million. On this news RBC's stock rose more than 30 percent. The money will be used to help repay debt and finance operations so that the company can continue to function. The company's total debt has been estimated at $200 million and $230 million.

This isn't the first time Prokhorov's name has been linked to a financial news provider, he was rumored to be buying Forbes last year although that rumor turned out to be false.

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Tags: forbes, mikhail prokhorov, MikhailProkhorov, rbc, renaissance capital, RenaissanceCapital

Russia's Richest Man Backs Out on $750 Million Mansion

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

It seems that Russia's new richest man, Mikhail Prokhorov, may not have been telling the whole truth when he denied buying the world's most expensive house, the $750 million Villa Leopolda (above) on the French Riviera, last year. Back in August we reported that the metals magnate was the mysterious purchaser of the eye-popping property, but Prokhorov, who's worth $14.1 billion, protested his innocence, saying he declined to do business in France because of a mix-up with some prostitutes and the French police. Now the London Times reports that Prokhorov signed a contract on the property and paid a $55 million deposit, but wants to back out of the deal.

Prokhorov reportedly lost $7 billion in the economic crisis but has fared better than fellow oligarch Roman Abramovich. Prokhorov will likely face a legal battle over the deposit, which is non-refundable under French law, with the Villa's seller Lily Safra. "Lily is adamant that she's not handing the deposit back," a source close to the deal tells the London Daily Mail. "Mr. Prokhorov, in turn, claims that property prices have collapsed since August, and the figures originally discussed were unreasonable. He wants out, and he wants his money back." We expect Prokhorov, founder of a new magazine for snobs, will likely issue another denial this time as well.

Tags: France, French Riviera, FrenchRiviera, Lily Safra, LilySafra, Mikhail Prokhorov, MikhailProkhorov, Roman Abramovich, RomanAbramovich, Russian billionaires, RussianBillionaires, Snobs, Villa Leopolda, VillaLeopolda